All Forum Posts by: Janett Lewis

Hi William! (or should I call you Bill?)

I am an active investor in St. Louis. I own 7 properties now and live in one of them. I am about to sell 2 of them. How else could I help you?

Janett

I'd say it's most definitely time to find a new realtor. Sounds like your guy isn't hungry enough. When I was a new realtor I drove all over California showing investors tons of properties. Forever chasing the commissions that would one day make my dream of investing come true! 

Find someone who will work to earn your business.

Good Luck!

I am lucky to get 2 times rent as income in my area. The law will only let us collect 2 months rent as a deposit (3 months if furnished). I have 6 rentals and I have never encountered so many interesting people. If I find someone with a credit score over 525 I consider myself lucky. I wish I had seen "The truth about buying $30,000 rentals" before I got so many. You have to really screen the heck out of anyone and make sure any adults are on the lease and screened and do a background/ credit check. When you call references be sure to look the person up online and verify who they are. I don't know how many times I get a hunch I'm talking to the best friend who is vouching for my potential tenant. When a tenant moves out I am find myself investing another $5000 to clean, paint and fix whatever got broke.

I also studied the book and have never bumped into this unicorn tenant in St. Louis. San Diego was a totally different story. Unfortunately I couldn't afford to by a rental property there for 1/2 a million dollars so I cherry picked applicants for my favorite buyers and sellers. I could believe the 805 and higher scores renters have out there but there is a ton of military. I ask for a holding deposit of 2 months when someone wants the home. This becomes their security deposit once all the conditions are met and they move into the home. The more I screen, inquire and due diligence the better my tenants seem to be!

What zip code?

I've got an awesome contractor in St. Louis. He's extremely savvy. Can do almost anything you need and if not has connections with others that can. He is extremely fair and his work is better then most. Inbox me for info.

@Ryan Mattson, remember I said current issue? Haven't quit done it yet. So far it's all in and out of 3 different accounts and a total mess!

I may be a total idiot for doing this because he actually has time for me now but I just can't keep a lid on something this awesome! My husband tells me to keep my mouth shut cuz we already have tons of competition with our purchases but my dreams came true when looking for a contractor. I have to highly recommend Eric Scott. 

He is fair, honest, reliable and works toward perfection in all that he does. He gets the job done on time and within budget. What more can I say? Just don't use him so much he has no time left for me. We all know how hard an excellent contractor is to come by. I plan on making this one part of my team!

Let him know Janett referred you and you're welcome! I'll be expecting flowers or a box of chocolates after he goes to work for you. Direct message me for details.

Eric Scott is awesome! He's not the cheapest but he does amazing quality work in a timely fashion. DM me for details.

Hi Ryan!

Welcome to Bigger Pockets! If your father has good credit you should have no problem going on the loan with him. Just talk to any lender and ask what their requirements are. If you get a no, keep shopping the loan till someone says yes. 

How's your credit score? Try to get it up to at least 620. Maybe get a secured credit card (you pay upfront and never go over the limit). That can help you start building your credit too. As long as you don't have a bunch of derogatory marks on your credit you should be ok. 

Lenders will also look at your income. They will want to see steady income, typically 2 years in your current profession. If you make $50,000 - $75,000 a year you may qualify on your own but if your dad has great credit established he would probably score a more favorable interest rate. I live in San Diego CA and I have worked with many first time buyers who did get a loan earning within that range as long as their debts weren't through the roof.  

Heres a link to an online mortgage calculator that can help you figure out how much home you can afford. Freddie Mac Here's a guide to helping you compare loans Compare Mortgages

My CPA recommends getting an individual account for each property and putting all income and expenses through that account to make paying taxes a breeze. My current issue is setting up 8 different LLC's, with EIN #s and bank accounts plus another account for my property management business. My goal was 10 SFH and I am currently at 8!

Congratulations to you for being young and smart. I can't tell you how much I wish I started when I was 21! I would be independently wealthy by now. Oh well, better late then never.

~All the BEST

Janett

Tyson Hosey send me a connection request! I'd LOVE to give him some work